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 LeFrancis Arnold  Tuesday, December 20th, 2011  Dear Member,
I’m excited to begin my term as your 2012 President, but I first want to thank our outgoing C.A.R. President Beth L. Peerce for serving this organization so well over the past year. She helped keep you, the REALTOR®, at the center of the real estate transaction during this challenging time. Thank you Beth for your service to organized real estate!
Like Beth, I also am a second-generation REALTOR®. I followed my mother into the real estate business in 1976 and became a broker a year later. I have served as a C.A.R. director since 1994. I’m going to continue serving the organization this year by helping you get through the tough economic times and be successful in your business.
But I won’t be doing it alone. I’ll be joined by a very capable 2012 Leadership Team comprised of President-Elect Don Faught, Treasurer Chris Kutzkey, and C.A.R. Executive Vice President Joel Singer. I’m excited to serve with this incredible team.
As one of my first duties, I’m pleased to share with you the good news that the FHA loan limit was reinstated last month so that middle-class home buyers have access to affordable home financing. The higher loan limit expired on Oct. 1, 2011, when it was reduced to $625,500, but now has been restored to $729,750 for an additional two years, through Dec. 31, 2013. However, the higher loan limits for Fannie Mae and Freddie Mac loans were not reinstated. C.A.R. and NAR both have long advocated for making higher loan limits permanent.
Continue reading: C.A.R. Monthly Message from President LeFrancis Arnold
Caylyn Brown Monday, July 18th, 2011
In a major victory for REALTORS®, Governor Brown signed into law a C.A.R.-sponsored bill, Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder. Effective immediately for transactions closing escrow from this day forward, both senior and junior lienholders [...]
Beth L. Peerce Wednesday, March 9th, 2011
 Dear REALTORS®,
As you may know, C.A.R. has been working on numerous efforts to address your concerns about the difficulty of working with short sales.
To that end, I want to give you advance notice of perhaps one of our most visible activities to date, and one that may be a first in C.A.R.’s 100-plus-year history.
Tomorrow, C.A.R. is placing an open letter advertisement in California’s seven largest daily newspapers, calling on lenders and industry regulators to streamline and improve the short sale process. C.A.R. is taking a leadership role in this effort by getting this letter published and pointing out lenders’ and servicers’ unworkable short sale processes. We’re also appealing to various constituencies, such as regulators, elected officials, nonprofits, business organizations, companies, and individuals to join us so that more families are able to arrange a short sale, rather than lose their homes.
In the letter, I write, “With the number of homeowners who owe more than their mortgage is worth hovering at 30 percent, experts predict there will be many more foreclosures in 2011 and 2012. Unless we take immediate, aggressive action to assist these homeowners, any meaningful recovery in the housing market and overall economy will continue to be delayed.”
Continue reading: C.A.R. Short Sale Update
Scott Short Friday, September 10th, 2010
 FHA announced as of October 4, 2010 that they will change their mortgage insurance costs to the borrower. Before the change, the up front mortgage insurance (the mortgage insurance that is financed into the loan) was 2.25% on or after October 4. It will drop to 1.00%. The monthly mortgage insurance which is added to the borrower’s monthly payment will increase from .55% to .90% (annually on amortized loans over 15 years). Your clients will qualify for less now that the MMI has nearly doubled. It would have benefited the buyer/ borrower if the upfront mortgage insurance went up and the monthly mortgage insurance went down since the upfront mortgage insurance is financed over 30 years (or whatever the amortization might be).
New competition for Short Sales
FHA has turbo charged one of their existing programs, the Short Refinance for Borrowers with Negative Equity Positions. This is a program designed to help borrowers (non FHA currently) to refinance down to 97.75% of their current appraised value, requiring their current first mortgage lender to reduce their principle by at least 10% or more. Remember, all these programs are voluntary for the servicing lender. If a second mortgage exists they will have to re-subordinate back into second position after the new first mortgage. (Max CLTV or Combined Loan to Value is 115%)
Fannie created a website on August 3, 2010: “Know Your Options”
This site was developed to assist consumers in financial distress. This link https://www.efanniemae.com/sf/kyo/index.jsp enables you, the Real Estate professional, to learn more about Fannie Mae’s new website and what it offers your clients.
Additional Resources
Obama Administration Announces Additional Support for Targeted Foreclosure-prevention Programs to Help Homeowners Struggling with Unemployment (http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-176)
Continue reading: FHA is Busy Making Changes…
Daniel Allen Tuesday, June 8th, 2010
The CALIFORNIA ASSOCIATION OF REALTORS® and the Sacramento Association of REALTORS® present
Distressed Properties
(Short Sales, Foreclosures, And Lender REO’s)
Increase Your Knowledge on Distressed Properties and Provide Your Clients with Qualified Professional Help
This course provides you with valuable information on Distressed Properties, including:
- The procedures used in the sale and disposition of distressed properties.
- An agent’s responsibilities in potential business opportunities with sellers, buyers, and lenders.
- Information on how to provide assistance to “short sale” sellers and work with lenders who have foreclosure property, also know as Real-Estate-Owned (REO).
- An overview of the tax/credit impact of REO sales.
This course is Department of Real Estate (DRE) accredited for 4 hours of Continuing Education (CE) in Consumer Protection.
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Continue reading: Distressed Properties course coming this month to Sacramento! Enroll Today!
Caylyn Brown Wednesday, December 16th, 2009
2010 C.A.R. President Steve Goddard sent out the following letter concerning short sales:
Dec. 16, 2009
Dear C.A.R. Member:
I wanted to bring to your attention some important details about the recently announced Home Affordable Foreclosure Alternatives program (HAFA), which provides instructions for lenders and servicers participating in the Making Home Affordable Program and [...]
Caylyn Brown Monday, August 31st, 2009
Nearly one-third of all existing homes sold recently were either short sales or foreclosures, according to National Association of REALTORS® data. To help practitioners meet the needs of home buyers and sellers who need these services, NAR has launched a new Short Sales and Foreclosure Certification Program (SFR).
“Foreclosures and short sales can offer opportunities for home buyers, but it’s extremely important to have the help of a real estate professional for these kinds of purchases,” says NAR President Charles McMillan. “This new certification will help them serve a growing need.”
The SFR certification program is offered by the Real Estate Buyer’s Agent Council of NAR. The program includes training on how to manage short sale, foreclosure, and real-estate owned transactions, and provides resources to help practitioners stay current on national and state-specific information as the market for these distressed properties evolves.
Continue reading: NAR Launches Short Sales Certification
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